Why JP Morgan thinks Asian Paints is one step ahead of its peers?

Asian Paints share price: Global brokerage firm JP Morgan in a report on Asian Paints said that the multinational paint company is a step ahead of peers as it is aiming for double digit volume growth and for an Operating Profit Margin (OPM) of 19-20 per cent.

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The brokerage firm said that Asian Paints remains a solid LT franchise with Good Moats. While the lack of positive revenue is surprising for the brokerage firm, it has still maintained its Neutral rating and has given a target of Rs 3365 apiece.

According to JP Morgan, the volume growth is normalising as pent-up demand fades and the cap share price is on the upside with valuations at 60x FY24E P/E. 

Asian Paints shares traded flay with negative bias, quoting Rs 3175 at 2:15 PM. In the past six months, the stock has yielded a positive return of 11 per cent.

The Mumbai headquartered company in the July-September quarter reported 32.83 per cent rise in consolidated net profit at Rs 803.83 crore, mainly driven by robust sales.

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